Fund manager's comment/Brian Gallagher
Negative newsflow regarding the economic slowdown in the US, accompanied by numerous earnings downgrades across a range of sectors, has undermined equity market performance in the past six months or so. However, we believe there are many stock-specific opportunities, especially those companies with a high proportion of earnings derived in the UK. While the pace of house price inflation has decelerated in the past year, it remains relatively robust with 7% growth forecast by Nationwide for 2001. Job security remains high with the level of unemployment below one million for the first time...
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